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Management article
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Reference no. 92309
Published by: Harvard Business Publishing
Published in: "Harvard Business Review", 1992

Abstract

Establishing competitive advantage and creating shareholder value both stem from a common economic framework. The stock market values the long- term productivity of companies. It is not necessary to depart from the shareholder-value model to improve a company''s competitive position. Maximum returns for current shareholders will materialize only when managers maximize long-term shareholder value and deliver interim results that attest credibly to sustainable competitive advantage.

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Abstract

Establishing competitive advantage and creating shareholder value both stem from a common economic framework. The stock market values the long- term productivity of companies. It is not necessary to depart from the shareholder-value model to improve a company''s competitive position. Maximum returns for current shareholders will materialize only when managers maximize long-term shareholder value and deliver interim results that attest credibly to sustainable competitive advantage.

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